Vicor Corp (VICR) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vicor Fourth Quarter 2025 Earnings Conference Call. (Operator Instructions) Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your first speaker today, James Schmidt, Chief Financial Officer. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Vicor 2025 年第四季財報電話會議。（操作員說明）請注意，今天的會議正在錄音。現在我謹將會議交給今天的第一位發言人，財務長詹姆斯·施密特先生。請繼續。

Thank you. Good afternoon, and welcome to Vicor Corporation’s earnings call for the fourth quarter and year ended December 31, 2025. I am Jim Schmidt, Chief Financial Officer, and I am in Andover with Patrizio Vinciarelli, Chief Executive Officer, and Philip Davies, Vice President, Global Sales and Marketing.

謝謝。下午好，歡迎參加 Vicor Corporation 2025 年 12 月 31 日止第四季及全年業績電話會議。我是財務長吉姆·施密特，我現在在安多弗，與執行長帕特里齊奧·文西亞雷利和全球銷售與行銷副總裁菲利普·戴維斯在一起。

After the markets closed today, we issued a press release summarizing the financial results for the three months and year ending December 31. This press release has been posted on the Investor Relations page of our website, www.vicorpower.com. We also filed a Form 8‑K today relating to the issuance of this press release.

今天市場收盤後，我們發布了一份新聞稿，總結了截至 12 月 31 日的三個月和一年的財務表現。本新聞稿已發佈在本公司網站 www.vicorpower.com 的投資者關係頁面上。我們今天也提交了與本新聞稿發布相關的 8-K 表格。

I remind listeners this conference call is being recorded and is the copyrighted property of Vicor Corporation. I also remind you that various remarks we make during this call may constitute forward‑looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Except for historical information contained in this call, matters discussed on this call, including any statements regarding current and planned products, potential customers, potential market opportunities, expected events and announcements, and our capacity expansion, as well as management’s expectations for sales growth, spending, and profitability, are forward‑looking statements involving risks and uncertainties.

我在此提醒各位聽眾，本次電話會議正在錄音，錄音內容受 Vicor Corporation 的版權保護。我還要提醒各位，我們在本次電話會議中發表的各種言論可能構成 1995 年《私人證券訴訟改革法案》安全港條款所指的前瞻性陳述。除本次電話會議中包含的歷史資訊外，本次電話會議討論的事項，包括有關當前和計劃中的產品、潛在客戶、潛在市場機會、預期事件和公告以及我們的產能擴張的任何聲明，以及管理層對銷售增長、支出和盈利能力的預期，均為涉及風險和不確定性的前瞻性聲明。

In light of these risks and uncertainties, we can offer no assurance that any forward‑looking statement will, in fact, prove to be correct. Actual results may differ materially from those explicitly set forth in or implied by any of our remarks today. The risks and uncertainties we face are discussed in Item 1A of our 2024 Form 10‑K, which we filed with the SEC on March 3, 2025. This document is available via the EDGAR system on the SEC’s website.

鑑於這些風險和不確定性，我們無法保證任何前瞻性聲明實際上都會被證明是正確的。實際結果可能與我們今天任何演講中明確闡述或暗示的結果有重大差異。我們在 2024 年 10-K 表格的第 1A 項中討論了我們面臨的風險和不確定性，該表格已於 2025 年 3 月 3 日提交給美國證券交易委員會。該文件可透過美國證券交易委員會 (SEC) 網站上的 EDGAR 系統取得。

Please note the information provided during this conference call is accurate only as of today, Thursday, February 19, 2026. Vicor undertakes no obligation to update any statements, including forward‑looking statements made during this call, and you should not rely upon such statements after the conclusion of this call. A webcast replay of today’s call will be available shortly on the Investor Relations page of our website.

請注意，本次電話會議中提供的資訊僅截至 2026 年 2 月 19 日星期四有效。Vicor 不承擔更新任何聲明的義務，包括本次電話會議期間所作的前瞻性聲明，您不應在本次電話會議結束後依賴此類聲明。今天電話會議的網路直播回放將很快在公司網站的投資者關係頁面上提供。

I will now turn to a review of our Q4 and full‑year financial performance, after which Phil will review recent market developments, and Patrizio, Phil, and I will take your questions. I ask that you limit yourself to one question and a related follow‑up so that we can respond to as many as we can in the limited time. If you have more than one topic to address, please get back in the queue.

接下來，我將回顧我們第四季和全年的財務業績，之後菲爾將回顧最近的市場發展情況，然後帕特里齊奧、菲爾和我將回答大家的問題。請您盡量只提一個問題和一個相關的後續問題，以便我們能夠在有限的時間內盡可能多地回答您的問題。如果您有多個主題要討論，請重新排隊。

In my remarks, I will focus mostly on the sequential quarterly change for P&L and balance sheet items, as well as full year on year changes, and refer you to our press release or our upcoming Form 10‑K for additional information.

在我的發言中，我將主要關注損益表和資產負債表項目的季度環比變化以及同比變化，更多資訊請參閱我們的新聞稿或即將發布的 10-K 表格。

As stated in today's press release, Vicor recorded product revenue for the fourth quarter of $92.7 million, up 4.5% from the third quarter total of $88.7 million, and up 15.3% from the fourth quarter 2024 total of $80.4 million. Royalty revenue for the fourth quarter totaled $14.5 million, a 33.1% decrease from $21.7 million in the third quarter, and a 7.8% decrease from $15.8 million in the fourth quarter of 2024. The sequential decrease in royalty revenue was the result of a catch up amount that was included in the Q3 results.

正如今天發布的新聞稿中所述，Vicor 第四季度產品收入為 9,270 萬美元，比第三季的 8,870 萬美元增長了 4.5%，比 2024 年第四季的 8,040 萬美元增長了 15.3%。第四季特許權使用費收入總計 1,450 萬美元，比第三季的 2,170 萬美元下降了 33.1%，比 2024 年第四季的 1,580 萬美元下降了 7.8%。特許權使用費收入環比下降，是因為第三季業績中包含了一筆補繳金額。

Product revenues for the year ended December 31, 2025, increased 12.1% to $350.3 million from $312.5 million for the prior year. Royalty revenue for the year ended December 31, 2025, totaled $57.4 million, a 23.2% increase from $46.6 million for the year ended December 31, 2024.

截至 2025 年 12 月 31 日止年度的產品收入成長 12.1%，從上一年的 3.125 億美元增至 3.503 億美元。截至 2025 年 12 月 31 日止年度的特許權使用費收入總計 5,740 萬美元，比截至 2024 年 12 月 31 日止年度的 4,660 萬美元增長了 23.2%。

Total product revenue and royalty revenue, including a $45 million patent litigation settlement received for the year ended December 31, 2025, increased 26.1% to $452.7 million from $359.1 million for the prior year.

截至 2025 年 12 月 31 日止年度，產品總收入及特許權使用費收入（包括收到的 4,500 萬美元專利訴訟和解金）成長 26.1%，從前一年的 3.591 億美元增至 4.527 億美元。

Advanced Product revenue, which includes royalty revenue, decreased 4.4% sequentially, which was the result of the catch up amount of royalty revenue in Q3. Brick Products revenue declined 0.6% in the third quarter. Revenues for Advanced Products for the year ending 2025 increased 26% to $248.6 million from $197.3 million the year before. Revenues for Brick Products for the year ending 2025 decreased 1.6% to $159.1 million from $161.7 million the year before.

高級產品收入（包括特許權使用費收入）環比下降 4.4%，這是由於第三季特許權使用費收入的補繳金額所致。第三季磚製品業務收入下降了0.6%。截至 2025 年，先進產品業務的收入成長了 26%，從上一年的 1.973 億美元增至 2.486 億美元。截至 2025 年，磚製品業務收入較前一年下降 1.6%，至 1.591 億美元，而上年為 1.617 億美元。

Shipments to stocking distributors decreased 11.1% sequentially, but increased 5.3% year over year. Exports for the fourth quarter increased sequentially as a percentage of total revenue to approximately 49.3% from the prior quarter of 42.8%. On a year over year basis, exports increased as a percentage of total revenue to approximately 50.8% from the prior year's 48.2%.

向庫存分銷商的出貨量較上月下降 11.1%，但年增 5.3%。第四季出口額佔總營收的比例較上季成長至約 49.3%，而上一季為 42.8%。與前一年相比，出口額佔總收入的比例從上年的 48.2% 增至約 50.8%。

For Q4, Advanced Products share of total revenue, including royalty revenue, decreased to 58.4% compared to 59.4% for the third quarter, with Brick Products share correspondingly increasing to 48.6% of total revenue.

第四季度，包括特許權使用費收入在內的先進產品佔總收入的份額下降至 58.4%，而第三季度為 59.4%；磚類產品佔總收入的份額相應上升至 48.6%。

Turning to Q4 gross margin. We recorded a consolidated gross profit margin of 55.4%, approximately 2.1% less than the prior quarter as a result of the royalty catch up in Q3. For the full year 2025, gross margin rose by 6.1% to 57.3% from 51.2% in the prior year.

接下來分析第四季毛利率。由於第三季追繳特許權使用費，我們錄得綜合毛利率為 55.4%，比上一季下降約 2.1%。2025 年全年，毛利率較上年增加 6.1 個百分點，從 51.2% 增至 57.3%。

I will now turn to Q4 operating expenses. Total operating expense increased 2.7% from the third quarter. For the full year 2025, total operating expense as a percent of revenue and patent litigation settlement decreased to 39.2% from 51.6% in the prior year. The amounts of total equity based compensation expense for Q4 included in cost of goods, SG&A, and R&D were $1.08 million, $2.206 million, and $1.153 million, respectively, totaling approximately $4.4 million.

接下來我將討論第四季的營運費用。總營運費用較第三季成長2.7%。2025 年全年，總營運支出佔收入和專利訴訟和解金的百分比從前一年的 51.6% 下降到 39.2%。第四季計入商品成本、銷售、管理及行政費用和研發費用中的股權激勵支出總額分別為 108 萬美元、220.6 萬美元和 115.3 萬美元，總計約 440 萬美元。

For Q4, we recorded operating income of $15.7 million, representing an operating margin of 14.6%. For the full year 2025, operating income totaled $81.8 million, or 18.1% of revenue including the patent litigation settlement, compared to an operating loss of $1.3 million, or minus 0.4% of revenue in the prior year.

第四季度，我們錄得營業收入 1,570 萬美元，營業利益率為 14.6%。2025 年全年，營業收入總計 8,180 萬美元，佔收入的 18.1%（包括專利訴訟和解金），而前一年營業虧損 130 萬美元，佔收入的 0.4%。

Turning to income taxes. We recorded a tax benefit in Q4 of approximately $27.3 million, representing an effective tax rate for the quarter of minus 142% as a result of the tax benefit due to the partial recognition of certain deferred tax assets in the period. The tax benefit for the full year 2025 was approximately $4 million, representing an effective tax rate for the year of minus 25.4%. Net income for Q4 totaled $46.5 million. GAAP diluted earnings per share was $1.01 based on a fully diluted share count of 46,297,000.

接下來談談所得稅。我們在第四季度確認了約 2730 萬美元的稅收優惠，由於該期間部分確認了某些遞延所得稅資產，因此該季度的實際稅率為 -142%。2025 年全年的稅收優惠約為 400 萬美元，相當於當年的有效稅率為 -25.4%。第四季淨利總計4650萬美元。根據 46,297,000 股完全稀釋股份數計算，GAAP 稀釋後每股收益為 1.01 美元。

For the full year 2025, net income increased to $118.6 million from $6.1 million in the prior year. In 2025, fully diluted earnings per share increased to $2.61 from $0.14 in the prior year.

2025 年全年淨收入從上一年的 610 萬美元增至 1.186 億美元。2025年，完全稀釋後的每股盈餘從前一年的0.14美元增加至2.61美元。

Turning to our cash flow and balance sheet. Cash and cash equivalents totaled $402.8 million in Q4. Accounts receivable net of reserves totaled $60.7 million at quarter end, with DSOs for trade receivables at 44 days. Inventories net of reserves increased 1% sequentially to $91.3 million. Annualized inventory turns were approximately flat sequentially at 1.96. Operating cash flow totaled approximately $15.7 million for the quarter. Capital expenditures for Q4 totaled $5.5 million.

接下來來看看我們的現金流量表和資產負債表。第四季現金及現金等價物總額為 4.028 億美元。截至季末，扣除準備金後的應收帳款總額為 6,070 萬美元，貿易應收帳款的 DSO 為 44 天。扣除儲備後的淨庫存較上季成長 1%，達到 9,130​​ 萬美元。年化存貨週轉率較上季基本持平，為 1.96。本季經營現金流總計約 1,570 萬美元。第四季資本支出總額為550萬美元。

We ended the quarter with a construction in progress balance primarily for manufacturing equipment of approximately $7.8 million, with approximately $6.9 million remaining to be spent. I will now address bookings and backlog. Q4 book to bill, improving sequentially, came in well above 1, and with one year backlog increasing 15.8% from the prior quarter, closing at $176.9 million.

本季末，在建工程餘額（主要用於製造設備）約為 780 萬美元，還有約 690 萬美元待支出。接下來我將處理預訂和積壓訂單事宜。第四季訂單出貨比季上有所改善，遠高於 1，一年積壓訂單較上一季成長 15.8%，達到 1.769 億美元。

2026 is a year of great opportunity for Vicor. We are working to deliver on the opportunities. However, given that we cannot predict with certainty the timing or amounts of outcomes relating to our licensing practice, we will not provide quarterly guidance. With that, Phil will provide an overview of recent market developments, and then Patrizio, Phil, and I will take your questions. I ask that you limit yourself to one question and a related follow up so that we can respond to as many as we can in the limited time. If you have more than one topic to address, please get back in the queue.

2026年對於Vicor來說是充滿機會的一年。我們正在努力抓住這些機會。然而，鑑於我們無法確定與我們的許可實踐相關的結果的時間或數量，我們將不提供季度指引。接下來，菲爾將概述近期市場發展情況，然後帕特里齊奧、菲爾和我將回答大家的問題。請您將問題限制在一個問題和一個相關的後續問題中，以便我們能夠在有限的時間內盡可能回答問題。如果您有多個主題要討論，請重新排隊。

Phil Davies, Thank you, Jim. At the beginning of 2025, we talked about the year ahead being one of challenges and opportunities. As we look back, 2025 met those expectations with improvements in product bookings and revenues in Q4 and our IP licensing practice becoming a major contributor to our top and bottom lines.

菲爾戴維斯：謝謝你，吉姆。2025年初，我們談到未來一年將充滿挑戰和機會。回顧過去，2025 年實現了這些預期，第四季度產品預訂量和收入均有所改善，我們的 IP 授權業務也成為公司營收和利潤的主要貢獻者。

As we exited 2025, book‑to‑bill ratio increased to over 1.2 in Q4 and has continued to increase in Q1. At the start of 2026, we can say that this will be a year of different challenges and greater opportunities. This should result in record bookings, revenues, and profitability, and significantly higher utilization of our first chip fab.

進入 2025 年後，第四季訂單出貨比增至 1.2 以上，並在第一季持續成長。展望2026年初，我們可以說這將是充滿挑戰和機會的一年。這將帶來創紀錄的訂單量、收入和獲利能力，並顯著提高我們第一座晶片製造廠的利用率。

As Patrizio commented in today's press release, the United States International Trade Commission has instituted a second investigation into illegal importation of power modules and computing systems infringing Vicor’s IP for non‑isolated bus converters. By now, it should be clear that Vicor will methodically and relentlessly enforce its intellectual property to the many inventions it pioneered, and that suppliers of infringing systems are putting themselves and their customers at risk, including unlicensed OEMs and hyperscalers.

正如 Patrizio 在今天的新聞稿中所評論的那樣，美國國際貿易委員會已對非法進口侵犯 Vicor 公司非隔離總線轉換器智慧財產權的電源模組和計算系統展開了第二次調查。現在應該很清楚，Vicor 將有條不紊、毫不留情地對其眾多開創性發明行使知識產權，而侵權系統的供應商，包括未經授權的原始設備製造商和超大規模數據中心運營商，正在將自己和他們的客戶置於風險之中。

Following the example set by licensed OEMs and hyperscalers, companies with an ethical backbone should do the right thing, avoiding infringement by taking a license to secure their supply chain.

效仿獲得許可的原始設備製造商和超大規模資料中心營運商的做法，有道德底線的公司應該做正確的事，透過取得許可來保障其供應鏈，從而避免侵權。

Our lead customer for VPD solutions is ramping a Gen 4 factorized power system before transitioning to a Gen 5‑based solution with higher current density and performance. This transition is expected to start in the second half of this year, while production of the Gen 4 system will continue to ramp at a steep rate to the end of 2026.

我們的 VPD 解決方案的主要客戶正在逐步部署第四代因子化電源系統，然後再過渡到基於第五代解決方案，該方案具有更高的電流密度和性能。預計這項過渡將於今年下半年開始，而第四代系統的產量將持續快速成長，直至 2026 年底。

Engagement with other Gen 5 VPD customers will be selective, as capacity in our existing first chip fab is getting earmarked for strategic customers, and additional capacity from our second chip fab may not be available until 2028.

與其他第五代 VPD 客戶的合作將採取選擇性方式，因為我們現有的第一座晶片製造廠的產能將分配給戰略客戶，而我們第二座晶片製造廠的額外產能可能要到 2028 年才能提供。

Our industrial and aerospace and defense business outlook for 2026 is strong, particularly in the automatic test equipment market, which is seeing substantial growth and projecting high growth to last for the next several years. Given our power density advantage, which is of paramount importance to our customers, I am confident that we can double the revenues in these markets over the next four to six years, respectively.

我們對 2026 年的工業、航空航太和國防業務前景持樂觀態度，尤其是自動測試設備市場，該市場正在經歷大幅成長，預計未來幾年將保持高速成長。鑑於我們的功率密度優勢（這對我們的客戶至關重要），我有信心在未來四到六年內，我們可以在這些市場實現營收翻倍。

As we approach high utilization of our first chip fab, we are beginning to engage customers in capacity reservation agreements to secure their supply needs. While in the planning stages of a second chip fab to expand the market opportunity, we are having discussions with candidates for an alternate source of high current density Gen 5 VPD solutions. An alternate source will give licensed OEMs and hyperscalers broader access to best‑in‑class power system technology.

隨著我們首個晶片製造廠的產能利用率接近飽和，我們開始與客戶簽訂產能預訂協議，以確保他們的供應需求。在規劃建造第二座晶片工廠以擴大市場機會的同時，我們正在與候選供應商討論尋找高電流密度第五代 VPD 解決方案的替代來源。另一種選擇將使獲得授權的原始設備製造商和超大規模資料中心能夠更廣泛地獲得一流的電源系統技術。

In view of these developments, we remain confident in our business strategy of innovation, customer focus, and market focus. With that, we will now take your questions.

鑑於這些發展，我們仍然對我們以創新、客戶至上和市場為導向的商業策略充滿信心。接下來，我們將回答各位的問題。

(Operator Instructions)

（操作說明）

Quinn Bolton of Needham and Company

Needham and Company 的 Quinn Bolton

Hey, congratulations on 2025 and the record outlook for 2026. Patrizio or Phil, I wanted to start with your lead customer. It sounds like you're seeing a pretty strong ramp from that customer, and you mentioned that Andover is getting filled. Can you talk, is Andover being filled largely from your lead customer, or do you have other significant Gen 4, Gen 5 customers that are contributing to that growing utilization in the Andover facility?

嘿，恭喜你們2025年所取得的成就，也恭喜你們對2026年充滿信心。Patrizio 或 Phil，我想先從你們的主要客戶開始談起。聽起來您那位客戶的訂單量成長勢頭強勁，而且您提到安多弗的訂單正在被填滿。您能否談談，安多弗工廠的產能利用率主要來自您的主要客戶，還是您還有其他重要的第四代、第五代客戶也對安多弗工廠產能利用率的成長做出了貢獻？

It is a combination of demand, increasing demand on a number of fronts, not just high‑end computing where there is a multiplicity of factors at play with respect to increased demand on capacity, but also in test equipment, as Phil mentioned in his prepared remarks, and some of the other end markets.

這是多種因素共同作用的結果，包括多方面的需求增長，不僅高端計算領域（該領域產能需求增長受多種因素影響），而且測試設備領域（正如菲爾在準備好的發言稿中提到的）以及其他一些終端市場也出現了增長。

Got it. Okay. And then I guess maybe a follow‑up on the IP licensing. In the press release, you talked about seeing record revenue from the IP licensing business this year. Just wanted to clarify, does that include or exclude the $45 million patent litigation settlement that was part of the 2025 revenue stream as we think about 2026?

知道了。好的。然後，我想也許可以跟進一下知識產權許可問題。在新聞稿中，您提到今年知識產權授權業務的收入創下歷史新高。我想澄清一下，在考慮 2026 年的收入時，這是否包括或不包括 2025 年收入來源中的 4500 萬美元專利訴訟和解金？

We see our licensing business expanding. As Jim suggested earlier, the timing of elements contributing to the expansion is somewhat unpredictable. But as we look at the predicament that OEMs and hyperscalers face in terms of potential exclusion orders, we see a major opportunity for us to grow our licensing business considerably. As we have discussed in our last quarterly call, we see that business expanding greatly in the last couple of years. I think what has transpired since then suggests that those are conservative estimates.

我們看到授權業務正在不斷擴張。正如吉姆之前所指出的，促成擴張的各種因素的出現時間在某種程度上是無法預測的。但當我們審視原始設備製造商 (OEM) 和超大規模資料中心營運商在潛在禁令方面面臨的困境時，我們看到了一個大幅發展許可業務的巨大機會。正如我們在上一季電話會議上討論的那樣，我們看到該業務在過去幾年大幅擴張。我認為此後發生的事情表明，這些估計值還是保守的。

And Quinn, just to clarify the number for you, the royalty revenue I quoted in my prepared remarks of $57.4 million in 2025 does not include the patent litigation settlement. That's royalty revenue. It was up 23.2% from $46.6 million in 2024.

奎因，為了向你澄清這個數字，我在準備好的演講稿中提到的 2025 年 5740 萬美元的專利費收入不包括專利訴訟和解金。那是版稅收入。與 2024 年的 4,660 萬美元相比，成長了 23.2%。

Got it. But just to clarify, Jim, when the comment in the press release about the licensing business expanding was made, are you looking at the $57.4 million as the 2025 base, or should we be thinking about that base being $102 million, which would include that $45 million patent settlement as part of the base?

知道了。吉姆，為了澄清一下，當新聞稿中提到授權業務擴張時，你是把 5740 萬美元視為 2025 年的基準，還是應該把基準設定為 1.02 億美元，其中就包括了 4500 萬美元的專利和解金？

So for one thing, there's going to be more patent settlements. And for another, the one patent settlement from last year, in terms of the outlook for the licensing business, doesn't really make a substantial difference with respect to the upside for this part of our business. We expect hundreds of millions of dollars worth of revenues from licensing, and the $47 million event last year is in hindsight going to be in the bucket to be sure, but not all that significant.

首先，專利和解的數量將會增加。另外，就授權業務的前景而言，去年達成的一項專利和解協議，實際上並沒有對我們業務這部分的成長產生實質的影響。我們預計授權收入將達到數億美元，而去年那場耗資 4700 萬美元的活動，事後看來肯定也算在內，但並不算特別重要。

Understood. Okay, thank.

明白了。好的，謝謝。

Jonathan Tanwanteng, CJS Securities

喬納森·譚萬騰，CJS 證券

Hi. Thank you for taking my questions and also congratulations on a good year. I was wondering if you could give us a little bit more detail on the launch customer for VPD. You mentioned that they were going with the Gen 4 product. Could you talk about the decision that went into that and why they aren't starting with Gen 5 and kind of how that happened?

你好。感謝您回答我的問題，也恭喜您度過了美好的一年。我想請您詳細介紹VPD的首發客戶。你提到他們打算採用第四代產品。您能否談談做出這個決定的原因，以及為什麼他們不從第五代開始，還有事情的來龍去脈？

Well, the Gen 4 system is mature. It's one that's got a track record of success that is expanding in terms of its opportunity. In order to get to the next‑generation system, the mature design, a mature system, it's not just the power system. The system as a whole needs to come to fruition. It isn't quite there yet. It will be there soon, and that will lead to the next set of opportunities. But to be clear, with our lead customer, we're seeing a significant share of our capacity being utilized as we get towards the end of this year on the earlier generation system, and the next‑generation system will provide an additional layer of use of capacity as we get into next year.

第四代系統已經成熟了。它擁有良好的成功記錄，並且發展機會仍在不斷擴大。為了達到下一代系統，成熟的設計，成熟的系統，不僅僅是電力系統。整個系統需要最終實現。還沒完全達到目標。它很快就會出現，這將帶來下一批機會。但需要明確的是，對於我們的主要客戶而言，隨著今年臨近尾聲，我們看到上一代系統的產能利用率顯著提高，而下一代系統將在明年提供額外的產能利用層。

Jonathan Tanwanteng, Understood. And then, when you consider a new facility, I was just wondering if you're planning to build that yourself, or if you're still planning to work with partners to do that, perhaps in a capital‑light fashion. And just wondering what kind of capacity a new facility would have.

喬納森·譚萬騰，明白了。那麼，當您考慮新建設施時，我只是想知道您是打算自己建造，還是仍然打算與合作夥伴一起建造，也許以一種輕資產的方式。我只是想知道新設施的容量會是多少。

Patrizio Vinciarelli, So we've made two offers on areas where we could build a facility. The lead time associated with that though is 1.5 to 2 years when everything is done. We're also looking at existing buildings within a 30‑mile radius of Andover to the north and the west. And we haven't decided yet which of these alternatives we're going to close on. But again, we've had two offers. No deal done yet, but I would expect that we're likely to do something on this soon.

帕特里齊奧·文恰雷利：我們已經對可以建造設施的兩塊地皮提出了報價。但從長遠來看，所有工作完成後，所需時間是 1.5 到 2 年。我們也正在考察安多弗北部和西部方圓 30 英里內的現有建築物。我們尚未決定最終選擇哪一種方案。但是，我們已經收到了兩份報價。雖然尚未達成協議，但我預計我們很快就會在這方面有所進展。

Okay, great. Thank you. I'll jump back and queue.

好的，太好了。謝謝。我這就回去排隊。

Operator, Thank you. One moment for our next question. Our next question comes from the line of Richard Shannon of Craig‑Hallum Capital Group. Your line is now open.

接線員，謝謝。請稍等片刻，我們來問下一個問題。我們的下一個問題來自 CraigâfHallum Capital Group 的 Richard Shannon。您的線路已開通。

Richard Shannon, Thanks, Patrizio, Phil, and Jim for taking my questions. I'll also add my congratulations on a really good last year. My first question is on royalties and licensing. As you mentioned, there are some questions here in the Q&A about growth in this business. I guess I wanted to triangulate it differently from how you've talked about it in the past, where you're hoping to get roughly a $300 million revenue stream. I know that's not entirely royalties, maybe some product in there, but you're talking about a $300 million bogey between 2024 and 2026. And by my numbers at least, that would require a fair amount of growth, like doubling or so of your royalty revenues from 2025 to 2026. But you didn't talk about it that way this quarter. Can you maybe talk about it in those terms? Is that a number that we should continue to expect, better or worse? Just help us triangulate those things.

理查德·香農：謝謝帕特里齊奧、菲爾和吉姆回答我的問題。我還要祝賀你去年取得了非常優異的成績。我的第一個問題是關於版稅和授權許可的。正如您所提到的，問答環節中有一些關於該行業發展的問題。我想用一種與你過去談論的方式不同的方式來探討這個問題，你過去希望獲得大約 3 億美元的收入。我知道這不全是版稅，可能還有一些產品收益，但你談論的是 2024 年至 2026 年間高達 3 億美元的巨額收入。至少根據我的估算，這需要相當大的成長，例如從 2025 年到 2026 年，你的版稅收入要翻倍左右。但你本季並沒有那樣談論這件事。您能用這些字眼來談談嗎？這個數字是我們應該繼續預期的，無論是好是壞？請幫我們把這些事情連結起來。

Patrizio Vinciarelli, Yeah. So we have two major licensees. We expect to have a lot more, and future contribution from those two should become quite a bit larger. So one way of looking at it, in high‑end computing AI, systems require from the power system perspective our IP. And to the extent that in order to be able to deploy those systems, a license will become necessary, that defines the opportunity. As you can see, the opportunity far exceeds what we've harnessed thus far. There's a lot more to be captured in years to come. So the $300 million number, which, to your point, involves contributions from royalties and licensing business, is not a long‑term goal. It is a relatively near‑term goal, not for this year to be clear, but as we said last year in a couple of years’ timeframe. But we can see going beyond that.

帕特里齊奧·文恰雷利，是的。所以我們有兩個主要的授權使用者。我們預計未來會有更多，而且這兩方未來的貢獻應該會更大。所以從某個角度來看，在高階運算人工智慧領域，從電力系統的角度來看，系統需要我們的智慧財產權。而要部署這些系統，就必須取得許可證，這就定義了機會。如你所見，我們所擁有的機會遠遠超過了我們目前所利用的機會。未來幾年還有很多東西值得我們去記錄。所以，正如你所說，3億美元的數字（包括版稅和授權業務的貢獻）並不是長期目標。這是一個相對近期的目標，不是指今年，而是像我們去年說的那樣，在幾年內實現。但我們可以展望未來。

Richard Shannon, My follow‑on question is on second‑gen VPD engagements. You already talked about your lead customer today and in past quarters. But last quarter, you also mentioned engagements that didn't seem to be early‑stage ones with a hyperscaler and an OEM. And I didn't hear any comments in the prepared remarks, although I was a little bit late. So I’m wondering if you can comment on the progress of those and the other ones you've added to the pipeline. Thank you.

Richard Shannon，我的後續問題是關於第二代虛擬專用設備（VPD）的互動。您今天以及之前的幾個季度都已經談到了您的主要客戶。但上個季度，您也提到了一些似乎並非早期階段的合作，合作方包括一家超大規模資料中心營運商和一家原始設備製造商。雖然我稍微遲到了一會兒，但我沒有聽到任何關於事先準備好的發言稿的評論。所以我想知道您是否可以評論一下這些項目以及您添加到流程中的其他項目的進度。謝謝。

Phil Davies, Yeah. So Richard, this is Phil. Maybe I can get a little bit more granular on that. The next step for us is over the next couple of weeks, we're bringing in our global FAE team that is dedicated to supporting customers in different locations where we have target hyperscalers and OEM chip companies located. So they will be going through, if you like, a boot camp on Gen 5 VPD using the demo boards and tools that the central applications group here in Andover have developed for the market. And so that's happening in the next couple of weeks. After we get that in place, as we talked about, we're going to be fairly selective in who we're going to be engaging with. It's very important we do that. And so that's the next step after that. So FAEs are here in the next couple of weeks, and we're on the way

菲爾戴維斯：是的。理查德，這位是菲爾。或許我可以就此再細化一些。接下來幾週，我們將引入我們的全球 FAE 團隊，該團隊致力於為我們目標超大規模資料中心和 OEM 晶片公司所在地區的客戶提供支援。所以，他們將接受第五代 VPD 的密集訓練，並使用安多弗中央應用小組為市場開發的示範板和工具。所以這件事將在接下來的幾週內發生。正如我們之前討論過的，在一切就緒之後，我們會對合作對象進行相當嚴格的篩選。這樣做非常重要。所以，這就是接下來的步驟。所以，FAE（現場應用工程師）將在未來幾週內到達，我們正在路上。

Okay, thanks for that detail. I'll jump on the line. Thank you guys.

好的，謝謝你提供這個細節。我這就上線。謝謝大家。

Thank you one moment for our next question.

請稍等片刻，我們下一個問題。

Our next question comes the line of Justin Claire of Roth Capital Partners. Your line is not open.

我們的下一個問題來自羅斯資本合夥公司的賈斯汀·克萊爾。您的線路未開通。

Hi, thanks for the time here.

您好，感謝您抽空。

So first, I just wanted to follow-up on the potential for capacity expansion here. So given the plan to add a second fab, I was just wondering, if you, how we should think about the ramp and utilization for your existing facility, how we think about that. Over the next couple of years and kind of you know what utilization threshold you anticipate reaching you know that is necess necessitating the the additional fab here and then just if you could talk about, when do you anticipate kind of approaching that optimal utilization for for the first fab.

首先，我想跟進一下這裡產能擴張的可能性。鑑於計劃增加第二個晶圓廠，我只是想知道，對於您而言，我們應該如何考慮現有設施的產能爬坡和利用率，我們應該如何考慮這個問題。在接下來的幾年裡，您大概知道您預計會達到怎樣的利用率閾值，您也知道這是需要額外建廠的必要條件。那麼，您能否談談，您預計第一個廠何時才能接近最佳利用率？

Patrizio Vinciarelli, So based on ramps with a number of customers in different markets, with a strong contribution from high‑end computing, we see the existing fab being well utilized within a year. And that's obviously prompting the initiative to secure additional capacity, both by bringing up a second fab and by having discussions with potential alternate sources that could provide customers with equivalent solutions using their own capabilities and our technology. In terms of the fabs, as I mentioned earlier, we've started exploring the opportunity of building out with a large piece of real estate, the flexibility to increment capacity in steps. This would be a campus that could support up to half a million square feet of manufacturing space. Just to set things in perspective, the facility is around 300,000 square feet. So there would be substantially more in terms of real estate available for capacity. But also, given the learning we've done, we think we can achieve more capacity per unit of area in our next facility.

Patrizio Vinciarelli 表示，基於與不同市場眾多客戶的合作，以及高端運算的強勁貢獻，我們預計現有晶圓廠將在一年內充分利用。顯然，這促使我們採取措施確保額外的產能，包括建立第二個晶圓廠，以及與潛在的替代供應商進行討論，這些供應商可以利用他們自身的能力和我們的技術為客戶提供同等的解決方案。關於晶圓廠，正如我之前提到的，我們已經開始探索利用大片土地進行建造的機會，並且可以靈活地分階段增加產能。這將是一個可容納多達50萬平方英尺製造空間的園區。為了讓大家對這個規模有個概念，設施佔地約 30 萬平方英尺。因此，可用於擴建的房地產面積將大幅增加。但同時，根據我們累積的經驗，我們認為在下一個工廠中，我們可以實現單位面積更高的產能。

The thinking of late has evolved more toward potentially acquiring a building. And to be clear, there's been no decision one way or the other yet. It could go either way. But the benefit of doing it with an existing building is that the time to fruition would be a year, year and a half shorter. So we might go that way. It would be on the same scale though in terms of the increment of capacity that we will bring about with the second fab.

近來人們的想法更多地轉向了收購建築物的可能性。需要明確的是，目前還沒有做出任何決定。結果可能兩種情況都有。但利用現有建築進行改造的好處是，完成時間可以縮短一年到一年半。所以我們或許會走這條路。不過，就第二座晶圓廠帶來的產能成長而言，規模將與第一座晶圓廠相當。

Justin Clare, Got it. That's helpful. And then when we think through this, if you're reaching close to kind of optimal utilization within a year, I think historically you've talked about your fab being able to support a billion dollars in product revenue. So within a year, could you be close to that level, where you're getting to a run rate of a billion dollars in product revenue? And then just curious on the second fab, how much in CapEx spending you might anticipate in terms of what's required there?

賈斯汀·克萊爾，明白了。那很有幫助。然後當我們仔細考慮這個問題時，如果一年內就能達到接近最佳利用率，我認為根據以往經驗，你們曾說過你們的晶圓廠能夠支持十億美元的產品收入。那麼，一年之內，你們能否接近這個水平，也就是產品年收入達到十億美元？另外，我很好奇第二個晶圓廠需要多少資本支出？

Patrizio Vinciarelli, Yeah. So to be clear, the fab has a capacity, given the dollars per panel and the number of panels it can process per unit time, to do slightly above a billion dollars in revenues. But you wouldn't want to use 100% of the capacity because, by definition, that would leave no room for error. So an 80% capacity utilization is the kind of number that you want to think of in terms of fundamentally having achieved very good capacity utilization.

帕特里齊奧·文恰雷利，是的。因此，明確地說，考慮到每塊面板的價格和單位時間內可處理的面板數量，該工廠有能力實現略高於十億美元的收入。但你不會想用盡 100% 的產能，因為根據定義，那樣就沒有任何出錯的餘地了。因此，80% 的產能利用率是一個值得理解的數字，它代表產能利用率已經非常高了。

Now in terms of the next facility, whether it's by acquiring land, putting up a building and then equipping it with what's necessary in order to bring about that incremental capacity. This is a proposition of the order of $250 million to $300 million, something that Vicor has to finance on its own, given our cash position and our balance sheet.

至於下一個設施，無論是透過購買土地、建造建築物，或是配備必要的設施來實現產能的提升。這是一項金額在 2.5 億美元到 3 億美元之間的提案，鑑於 Vicor 的現金狀況和資產負債表，這筆資金必須由 Vicor 自行承擔。

Okay, I appreciate it. Thanks for the detail.

好的，謝謝。謝謝你提供的詳細資訊。

John Dillon of D&B Capital.

D&B Capital 的 John Dillon。

Hi guys. Thanks a lot for taking my call, and again, congratulations on a good year. Phil, I wanted to go back to the customers you talked about before in Q3 and Q4. I kind of got the impression that you had design wins and these customers couldn't find alternative ways to power their new AI processors. So I'm wondering, are those customers still working with you, or have they gone to other customers? Are you going to be able to meet their time schedule for their new products?

嗨，大家好。非常感謝您接聽我的電話，再次恭喜您度過了美好的一年。Phil，我想再談談你在第三季和第四季提到的那些客戶。我感覺你們贏得了一些設計項目，但這些客戶找不到其他方法來驅動他們的新型人工智慧處理器。所以我想知道，這些客戶還在跟你們合作嗎？還是他們已經轉投其他客戶了？你們能滿足他們新產品的交貨時間要求嗎？

Patrizio Vinciarelli, They have a need for a VPD solution in particular that has all of the right features. And the competitive landscape doesn't have that. And that's constrained the market opportunity for VPD to a very limited set of companies that have actually done it, while incurring a great deal of pain because of the shortcomings of the power system. So what we bring about with our second‑gen VPD and fifth‑generation modules is a solution that has much higher density and much greater levels of manufacturing quality, in terms of the assembly of the solution. It doesn't require stacking as first‑generation VPD does. It's much easier to cool. It's more efficient. It has a number of benefits that manifest themselves in many ways.

Patrizio Vinciarelli，他們特別需要一款具備所有合適功能的 VPD 解決方案。但競爭格局中卻不存在這種情況。這使得 VPD 的市場機會僅限​​於少數幾家實際採用 VPD 的公司，同時由於電力系統的缺陷，這些公司也遭受了極大的痛苦。因此，我們透過第二代 VPD 和第五代模組帶來的解決方案，在解決方案的組裝方面，具有更高的密度和更高的製造品質。它不需要像第一代 VPD 那樣進行堆疊。冷卻起來容易得多。它效率更高。它有許多好處，這些好處體現在許多方面。

So, as Phil suggested, we're going to be picking those customers that strategically we want to be aligned with. We have a great deal of interest. As an example, we were out in the valley just a few weeks ago, in the morning, with an automotive customer with a great deal of interest in our VPD capability. We haven't decided yet whether we engage in that particular case. We will be in a situation, with our existing fab before we get another fab in place, of deciding which applications make the most sense. And to say a lead customer is one that we prioritize. There's going to be more in that league in that end market, with tremendous opportunity in terms of volume. That one alone could fill two fabs.

所以，正如菲爾所建議的那樣，我們將挑選那些我們在戰略上希望與之保持一致的客戶。我們對此非常感興趣。例如，就在幾週前的某個上午，我們和一位汽車客戶一起去了山谷，他對我們的 VPD 能力非常感興趣。我們尚未決定是否介入該案件。在我們建造新的晶圓廠之前，我們將面臨這樣一個局面：利用我們現有的晶圓廠，決定哪些應用最有意義。也就是說，重要客戶是我們優先考慮的客戶。未來終端市場上將會有更多同類產品，銷售方面蘊藏著巨大的機會。單單那一個就足以填滿兩個晶圓廠。

So we are in a privileged position. We have the technology and the capability. We can leverage our opportunity both by selling product and by collecting licensing. We can also do it by bringing about alternate sources. We're pursuing all these opportunities as they evolve.

所以，我們處於一種優越的地位。我們擁有這項技術和能力。我們可以透過銷售產品和收取許可費來把握這一機會。我們也可以透過引入替代資源來實現這一目標。我們將密切關注並掌握所有這些發展機會。

John Dillon, Got it. So I just want to make sure I understand. So the customers that you mentioned before, they're still on the hook. They're still talking to you. They're still engaged with you. They still can't find an alternative source to power their new AI processors, but it sounds like it just slipped a bit.

約翰狄龍：明白了。所以我想確認一下我是否理解正確。所以，你之前提到的那些客戶，他們還是要承擔責任。他們還在跟你說話。他們仍然與你保持聯繫。他們仍然找不到替代能源來為他們的新型人工智慧處理器供電，但聽起來只是稍微有點失誤。

Patrizio Vinciarelli, Well, I think if you were to ask them, they would all say that they will find a solution whether or not Vicor exists. Nobody will acknowledge that they're out of luck without us. And that's not the real world. That's not what we're suggesting. There's always some way of getting something done. But to be clear, that way of getting it done is problematic in terms of the technical trade‑offs and technical challenges, whether it's cooling or manufacturability. And it may also be very much challenged from the IP perspective. So it's a complex landscape.

Patrizio Vinciarelli：嗯，我想如果你問他們，他們都會說，無論 Vicor 是否存在，他們都會找到解決方案。沒有人會承認，沒有我們，他們就倒楣了。但那並非真實世界。我們並不是這個意思。總會有辦法把事情辦成的。但需要明確的是，這種實現方式在技術權衡和技術挑戰方面存在問題，無論是冷卻還是可製造性。而且，從智慧財產權的角度來看，它也可能面臨很大的挑戰。所以情況很複雜。

John Dillon, It sounds like it's still a competitive situation then.

約翰狄龍：聽起來競爭依然很激烈。

Patrizio Vinciarelli, Well, it's always, by definition, competitive.

帕特里齊奧·文恰雷利：嗯，從定義上來說，競爭總是存在的。

John Dillon, Got it. My follow‑on question is, are you seeing any AI processor designs with horizontal or horizontal‑vertical besides your lead customer?

約翰狄龍：明白了。我的後續問題是，除了您的主要客戶之外，您是否看到任何採用水平或水平垂直佈局的 AI 處理器設計？

Phil Davies, So I think, as Patrizio actually said, there's one very large company that's using vertical power delivery today in very high volume, and that's increasing year on year. In terms of anybody else really in high‑volume production with vertical power delivery, John, it's fairly limited right now. They're all trying to get Gen 1 VPD to work in some fashion. But to date, I'm not hearing anybody that's deploying that in volume. They're trying. They're working on it. But I think when we come out with our Gen 5 and launch it, and selectively launch it as we've talked about, we're going to have some winners on our hands.

Phil Davies，所以我覺得，正如 Patrizio 所說，目前有一家規模非常大的公司正在大量使用垂直電力輸送，而且這個數字還在逐年增長。約翰，就目前真正大規模生產垂直供電設備的人而言，還相當有限。他們都在嘗試以某種方式讓第一代 VPD 發揮作用。但到目前為止，我還沒有聽說有人大規模部署這種技術。他們正在努力。他們正在努力。但我認為，當我們推出第五代產品並像我們之前討論的那樣有選擇地進行推廣時，我們將擁有一些成功的產品。

John Dillon, Got it. I saw a picture of a new AI processor that's coming out that looked like a gold bar on the top. And that's why I ask about horizontal. I'm wondering if you have any upcoming horizontals or horizontal‑verticals besides your lead customer, because I know they're different.

約翰狄龍：明白了。我看到一張即將上市的新型人工智慧處理器的圖片，它的頂部看起來像一根金條。所以我才問水平方向的問題。我想知道除了你的主要客戶之外，你是否還有其他即將推出的橫向或橫向垂直廣告，因為我知道它們有所不同。

Patrizio Vinciarelli, So I don't think we're going to make comments specifically about that stuff. What do you say about that?

帕特里齊奧·文恰雷利：所以我覺得我們不會對此事發表具體評論。你對此有何看法？

We do have Gen 4 customers using our gold bars laterally.

我們確實有第四代客戶在橫向使用我們的金條。

Yeah, Patrizio Vinciarelli, But I don't think the visibility to a gold bar is really what's fundamentally at issue. I think the way of looking at it is that we have tremendous opportunity, and we have the technology that matches the needs of the marketplace. Again, going back to the earlier question, it's not that if our solution didn't exist, there wouldn't be a solution. But the alternative solution, which is really common to all the competitors that tend to do pretty much the same thing with relatively slight differences as they look over each other's shoulder, carries a lot of baggage in a number of respects, technical and, when it comes to VPD, also IP challenges.

是的，帕特里齊奧·文恰雷利，但我認為金條的可見性並不是問題的根本所在。我認為看待這個問題的方式是，我們擁有巨大的機遇，而且我們擁有符合市場需求的技術。再說回前面的問題，並不是說如果我們的解決方案不存在，就沒有解決方案。但另一個解決方案，也就是所有競爭對手都在做的幾乎相同的事情，只是在彼此之間略有不同，這種解決方案在很多方面都存在很多問題，包括技術方面，以及在 VPD 方面還存在 IP 方面的挑戰。

Excellent. Okay, listen, thank you very much. I might get back in the queue.

出色的。好的，聽著，非常感謝。我或許可以重新排隊。

Thank you again.

再次感謝。

John Tanwanteng of CJS Securities

CJS 證券的 John Tanwanteng

Hi, thank you for taking my follow‑up. Earlier you mentioned that you were taking capacity reservations for your facility. I was wondering what the financials of that looked like. Is there an upfront payment? Are there contract terms for minimums or something like that? Just how are you approaching those reservations?

您好，感謝您回覆我的後續問題。您之前提到過您的場地正在接受預訂。我想知道那項業務的財務狀況如何。需要預付訂金嗎？是否有最低消費之類的合約條款？您打算如何處理這些預訂？

Patrizio Vinciarelli, So in terms of revenue recognition, that would happen as shipments take place. Obviously there's a cash component that would show up in our balance sheet. But there is no acceleration of revenue that comes from the capacity reservation. The revenues get recorded as products ship covered by that reservation.

Patrizio Vinciarelli：就收入確認而言，這將在發貨時發生。顯然，其中會包含現金部分，這部分會在我們的資產負債表中反映出來。但是，容量預留並不會帶來營收的加速成長。收入會在預訂涵蓋的產品出貨時記錄在案。

Okay, got it. And then can you talk a little bit more about the 800 volt data center opportunity, and if you are seeing any traction there, or are you seeing any orders ahead of that? And I'm specifically talking about products that are outside the vertical or lateral power or the NBMs that you have today.

好的，明白了。那麼，您能否再詳細談談 800 伏特資料中心的市場機遇，以及您是否看到任何進展，或者是否有任何訂單提前到位？我指的是那些不屬於垂直或橫向電源或您目前擁有的NBM的產品。

Patrizio Vinciarelli, So we have technology there too. Vicor pioneered high density bus conversion from 800 volt and 400 volt for many years. We have relevant IP. We have products. We have more products in the pipeline that will come out later this year. Frankly though, I would say that there's quite a bit of hype about this 800 volt. I think that it's, to some degree, missing the point with respect to what the real issues are. It's a diversion. The reason why generations of GPUs have not been able to meet the expectations with respect to performance had to do with the power system gating the GPU performance, not to do with 48 volt or 800 volt. They had to do with what goes on at the point of load and the fact that multiphase mainstream type of solutions are handicapped. That's where the focus should be.

Patrizio Vinciarelli：所以我們那裡也有技術。Vicor 多年來一直引領著 800 伏特和 400 伏特高密度匯流排轉換技術的發展。我們擁有相關的知識產權。我們有產品。我們還有更多產品正在研發中，將於今年稍後上市。坦白說，我覺得這款 800 伏特電池有點被過度炒作了。我認為這在某種程度上沒有抓住問題的本質。這只是轉移視線。幾代 GPU 在效能方面未能達到預期目標的原因在於電源系統限制了 GPU 的效能，而不是 48 伏特或 800 伏特電壓的問題。這與負載點的情況有關，也與多相主流解決方案的限制有關。這才是重點應該放在這裡的地方。

So obviously we operate in an industry that goes through phases of focus and potential hype. Without question, there is value to an 800 volt bus. But that value probably, if you measure in terms of efficiency, gets measured in a few percent, and what gets lost in an inferior point of load solution is 15 or 20 points. So I personally wonder why anybody would worry about capturing a 3% improvement in high voltage power distribution when they're missing 15 or 20% in the point of load and they can't cool or deliver the power they need in order to achieve the level of performance they targeted.

顯然，我們所處的產業會經歷不同的關注階段和潛在的炒作階段。毫無疑問，800伏母線是有價值的。但是，如果以效率來衡量，這個價值可能只有幾個百分點，而低效率的負載點解決方案會損失 15 或 20 個百分點。所以我個人很疑惑，為什麼有人會關心高壓配電性能提高 3%，而他們在負載點卻損失了 15% 或 20%，而且他們無法冷卻或輸送所需的電力以達到他們所期望的性能水平。

But irrespective of how these things evolve, we have the technology, we have the IP, and we're going to make the most of the opportunity. But frankly I think there's going to be a lot of hype relating to this. And that could lead to problems because if people are focused on the wrong problem, which is not really the mature problem, they need to be solving the real problems.

但無論這些事情如何發展，我們擁有技術，我們擁有智慧財產權，我們將充分利用這個機會。但坦白說，我認為這將會引發很多炒作。而這可能會導致問題，因為如果人們關注的是錯誤的問題，也就是不成熟的問題，他們就需要去解決真正的問題。

Understood.

明白了。

Thank you for that insight.

謝謝你的見解。

Quinn Bolton of Needham and Company.

Needham and Company 的 Quinn Bolton。

Hey guys, thanks for taking my follow‑up. Patrizio, I guess I just wanted to sort of make sure everybody on the line is thinking about the revenue ramp the same way. You haven't obviously guided revenue for 2026. But you've given us three kind of guideposts, which are, you expect Andover to become or to approach full utilization over the next year. You've said full utilization would be around 80%, otherwise you don't leave a lot of room for error, and you've said at 100% utilization the fab would be able to produce a billion dollars in revenue.

嘿，各位，謝謝你們關注我的後續報道。Patrizio，我只是想確保生產線上的每個人都以相同的方式思考營收成長問題。顯然，你們還沒有給出2026年的營收預期。但您給了我們三個指導方針，那就是，您預計安多弗在未來一年內將達到或接近滿載運轉。您曾說過，滿載運轉時產能利用率約為 80%，否則容錯空間就很小；您也曾說過，產能利用率達到 100% 時，該晶圓廠能夠創造 10 億美元的收入。

And so when I put all of that together, it sort of sounds like you're pointing to revenue that could approach an $800 million product revenue run rate over the next year, and that would be more than double what you did on the product revenue front in calendar 2025. I know you're not giving guidance, but some of those guideposts point to very significant revenue growth. And I just want to make sure that to the extent you think that interpretation of the comments you've made is too aggressive, you'd correct any of those thoughts, or if that's the right way to be thinking about the data points you've suggested.

因此，當我把所有這些因素綜合起來，聽起來你似乎在暗示，未來一年的產品收入運行率可能會接近 8 億美元，這將是你在 2025 年產品收入方面的兩倍多。我知道你沒有給出具體指導，但其中一些指標指向了非常顯著的收入成長。我只是想確認一下，如果您認為對您發表的評論的解讀過於激進，您是否會糾正這些想法，或者這是否是您提出的數據點的正確思考方式。

I think your analysis is on point. Obviously key to that is run rate, as distinct from revenues for this year, 2026. So we see the demand getting to a run rate that would utilize 80% or so of the capacity in the facility. Another way of looking at this is that we see this year as being one of major increases in product revenue, well above the rate of last year, and at a level that we haven't enjoyed for quite some time. And that's pretty much baked in at this point based on bookings that we've received and additional bookings we expect to come our way as the year progresses.

我認為你的分析很到位。顯然，關鍵在於運行率，而不是今年的收入，而是 2026 年的收入。因此，我們看到需求正達到一定水平，這將使工廠的產能利用率達到 80% 左右。換個角度來看，我們認為今年產品收入將大幅成長，遠高於去年的水平，而且達到了我們很長一段時間以來都沒有達到的水平。根據我們目前收到的預訂量以及我們預計隨著今年的推進將會收到的額外預訂量來看，這一點基本上已經確定了。

Got it.

知道了。

Thank you very much.

非常感謝。

(Operator Instructions)

（操作說明）

Richard Shannon of Craig‑Hallum Capital Group. Your line is now open.

克雷格·哈勒姆資本集團的理查德·香農。您的線路已開通。

Richard Shannon, Well, hey guys, thanks for letting me ask a couple of follow‑on questions here. My first one is on licensing here. Patrizio, following up on an answer to one of the prior questions, you mentioned about having a couple or specifically two licensees so far. As we think about growing the licensing revenue stream this year, and if you can comment beyond that, that'd be great, in terms of your general expectations.

理查德·香農：嘿，大家好，感謝你們讓我在這裡問幾個後續問題。我的第一個問題是關於許可方面的。Patrizio，接著你之前回答的問題，你提到目前為止有幾位，或者俱體來說是兩位被許可人。今年我們考慮如何增加授權收入，如果您能就此發表一些看法，特別是關於您的整體預期，那就太好了。

But how do we think about adding to the customer list here versus number of licensees or licenses per licensee, or other dynamics that help us think about this? And specifically, if things went well for you, what's the kind of number of major licensees you would have? I don't know if this is three or five or eight, but if you can characterize that in any way, that'd be helpful.

但是，我們如何看待增加客戶名單與增加被許可人數量或每個被許可人的許可數量，或其他有助於我們思考這個問題的因素之間的關係？具體來說，如果一切順利，你們會擁有多少個主要授權商？我不知道這是三、五還是八，但如果你能以任何方式描述一下，那就太好了。

Patrizio Vinciarelli, In the high‑end computing AI market, I think in terms of substantial licensees, it would be half a dozen. So three times as many as we currently have in that market, with minor ones on top of that. And by the way, the focus has been, and the actions of the ITC thus far have been focused on high‑end computing, but there's infringement going on in other markets as well. So there's a lot of opportunity, not just for the NBM technology, but for other technology that Vicor pioneered.

Patrizio Vinciarelli，在高端計算人工智慧市場，我認為就實質授權商而言，應該有六家。所以數量是目前我們在該市場上的三倍，此外還有一些較少的。順便說一句，到目前為止，ITC 的重點和行動一直集中在高階運算領域，但其他市場也存在侵權行為。因此，不僅 NBM 技術，而且 Vicor 開創的其他技術都有很多機會。

Richard Shannon, My follow‑on question is wondering if there's any way that you can help us think about, specifically about your second‑gen VPD technology, how do we think about content per XPU? And I'm going to offer a couple of ways maybe to think about this. I know you're not going to quantify in any specific way, but I think a lot of us who cover this name for a while have a decent idea of what that content looked like a few years ago in your last really high‑volume, or potential high‑volume win that you had in point of load. But also, since that time, the level of power and the level of current in leading XPUs, particularly getting to reticle limit, are increasing a lot here. So do we think about the content opportunity now as being proportional to power or current, and how would you have somebody think about what that might look like on a per unit basis? Thank you.

Richard Shannon，我的後續問題是，您是否可以幫助我們思考，特別是關於您的第二代 VPD 技術，我們應該如何考慮每個 XPU 的內容？接下來，我將提供幾種思考這個問題的方法。我知道你不會以任何具體的方式進行量化，但我認為我們這些關注這個名字一段時間的人，對幾年前你最後一次真正高流量或潛在的高流量勝利時的內容有相當清晰的了解。但自那時以來，領先的 XPU 的功率和電流水平，特別是達到光刻極限時的功率和電流水平，都大幅提高了。那麼，我們現在是否認為內容機會與權力或現狀成正比？你會如何讓人們思考，從單位角度來看，這可能意味著什麼？謝謝。

Patrizio Vinciarelli, So as I look back at the power system for GPUs a number of years ago, that was, in one way of looking at it, about $100 million per year type of opportunity rising. We are locking into an opportunity that will double that. And to Phil's earlier point, there's a hyperscaler with an opportunity that could be another. I don't know if that answers your question.

Patrizio Vinciarelli，回顧幾年前的 GPU 電源系統，從某個角度來看，那是一個每年價值約 1 億美元的機會。我們正在抓住一個能使收益翻倍的機會。正如菲爾之前提到的，還有一家超大規模資料中心運營商，它可能也是一個機會。我不知道這是否回答了你的問題。

Richard Shannon, Mine was really more on content per XPU, but the way you characterized it is also helpful. But any ways you might think about it on a per XPU basis would be helpful too.

Richard Shannon，我比較專注的是每個 XPU 的內容，但你的描述也很有幫助。但如果您能從每個 XPU 的角度思考，那也會很有幫助。

Patrizio Vinciarelli, Yeah. So Phil, do you want to take that?

帕特里齊奧·文恰雷利，是的。菲爾，你想接嗎？

Philip Davies, Yes. I think, Richard, to your point, it really depends on the current that XPU, the number of rails, that type of thing. So I think that the opportunity for us will be somewhere between 200 to 400 dollars per XPU.

菲利普·戴維斯，是的。理查德，我認為你說得對，這確實取決於當前的 XPU、導軌數量等等因素。所以我認為我們的機會大概在每個 XPU 200 到 400 美元之間。

But very much depends on it, right, so take that with a grain of salt.

但這很大程度上取決於具體情況，對吧，所以不要完全相信。

Understood. That's getting us a half order of magnitude. That is very helpful.

明白了。這樣我們就得到了半個數量級的誤差。那很有幫助。

So Richard, just to clarify, it's about like a 2,000 amp up to a 4,000 amp type of product.

所以理查德，我澄清一下，這大概是一款 2000 安培到 4000 安培的產品。

Got it. Okay, great, thank you.

知道了。好的，太好了，謝謝。

Hicks of Ainsley Capital Management

安斯利資本管理公司的希克斯

Alan Hicks, Yeah, good afternoon. I just wanted to confirm, it's $1 billion capacity now.

艾倫希克斯：是的，下午好。我只是想確認一下，現在的產能是10億美元。

James Schmidt, I think we lost part of your question.

James Schmidt，我覺得我們漏掉了你問題的一部分。

Patrizio Vinciarelli, I think the question was, you wanted confirmation of the $1 billion capacity of Fab 1. Was that the question?

Patrizio Vinciarelli，我想你的問題是，你想確認 Fab 1 的 10 億美元產能。這就是問題嗎？

Yes, just for Advanced Products, nothing else.

是的，僅限高級產品，其他產品不適用。

Yes. We are very confident that we can generate upwards of a billion dollars worth of revenues out of Fab 1

是的。我們非常有信心，Fab 1工廠能夠創造超過十億美元的收入。

Okay. Because I'm looking at what your sales were for just Advanced Products, without royalties, for the year was around 200 million. Is that for 2025?

好的。因為我查看了你們高級產品的銷售額（不包括版稅），發現這一年大約是 2 億美元。那是針對2025年的嗎？

Yeah.

是的。

Okay. So you're saying within a year or so, you could be at 800 million in Advanced Products?

好的。所以你的意思是，一年左右的時間，你們的先進產品事業就能達到 8 億美元？

As suggested in an earlier question and confirmed by me, that would be a run rate.

正如之前的問題中所建議的，我也確認過，那就是運行率。

Alan Hicks, And then on the bricks, the original bricks fab, could that be converted in the future to Advanced Products?

艾倫·希克斯，那麼關於磚塊，最初的磚塊製造廠，未來是否有可能將其改造成先進產品廠？

Philip Davies, So no, the bricks are much older products. They've got a very stable, if you like, customer base. Some of those customers are moving to Advanced Products, and we've had quite a bit of success in that in recent years in some higher‑volume end markets. But aerospace and defense and some very broad‑based industrial, they like the bricks. They're going to stay with the bricks. So the brick piece will be fairly stable over the next few years.

Philip Davies：所以，不，這些磚塊是年代久遠的產品。他們擁有非常穩定的客戶群。有些客戶正在轉向高級產品，近年來，我們在一些銷售量較高的終端市場取得了相當大的成功。但是航空航太、國防以及一些基礎非常廣泛的工業領域，他們喜歡磚塊。他們會繼續和磚頭待在一起。因此，這塊磚在未來幾年內會相當穩定。

Bricks don't really play a role with respect to capacity. They become what they become.

磚塊對容量的影響並不大。他們最終會變成他們想成為的樣子。

Okay. But you're also adding capacity to this first fab. Is that correct?

好的。但你也為第一座晶圓廠增加了產能。是這樣嗎？

Yes, we are. We're adding capacity incrementally to the existing footprint.

是的，我們是。我們正在現有基礎上逐步增加產能。

Okay. And then did you say you're in discussions with a partner to have them produce products themselves?

好的。然後您是不是說您正在與合作夥伴洽談，讓他們自行生產產品？

Yeah, so.

是啊，就是這樣。

Yes. So we are having discussions. This may take some time because it's an important decision selection. But we have customers that want us to have an alternate source. We see the benefit of an alternate source in terms of expanding the market opportunity. If you just look at AI, there is so much of a market opportunity that frankly there is no way that Vicor alone could do it, even with the second and third fab. So we need to, in effect, look at making the most out of the opportunity as opposed to limiting the scope of the opportunity by wanting to do it all ourselves.

是的。所以我們正在進行討論。這可能需要一些時間，因為這是一個重要的決策選擇。但有些客戶希望我們有備選方案。我們認為，從擴大市場機會的角度來看，替代來源是有益的。如果只看人工智慧，就會發現市場機會如此之大，坦白說，即使擁有第二座和第三座晶圓廠，Vicor 根本不可能獨自完成。因此，實際上我們需要考慮的是如何最大限度地利用這個機會，而不是因為想包辦一切而限制了機會的範圍。

Then I was just kind of curious, how many panels can you produce in a day out of the factory you have now?

我當時有點好奇，你們現在的工廠一天可以生產多少太陽能板？

I'm not going to quantify that for competitive reasons. I will just say that in terms of the revenue opportunity of the fab, Fab 1 is slightly above a billion dollars a year.

出於競爭原因，我不會對此進行量化。我只想說，就晶圓廠的收入機會而言，1 號晶圓廠的年收入略高於 10 億美元。

Okay. Okay, thank you very much.

好的。好的，非常感謝。

Thank you.

謝謝。

John Dillon of D&B Capital.

D&B Capital 的 John Dillon。

John Dillon, Hi guys, I'll make this quick because I know we're up against the timeline. First of all, Patrizio, thank you for answering Quinn's question. That was one of my follow‑up questions also, and I appreciated that answer. Another one is just a quick one. We're halfway through the quarter, and I'm just wondering how bookings are looking so far this quarter.

John Dillon：大家好，我會盡量長話短說，因為我知道時間緊迫。首先，帕特里齊奧，感謝你回答奎因的問題。那也是我後續提出的問題之一，我很感謝這個回答。另一個只是個簡單的問題。本季已經過半，我想知道本季目前的預訂情況如何。

Philip Davies, I mentioned in my prepared remarks, John, that the book‑to‑bill was 1.2 in Q4, and we're above that already in Q1.

菲利普戴維斯，約翰，我在事先準備好的發言稿中提到過，第四季度的帳面價值與帳單價值之比為 1.2，而我們第一季已經超過了這個數字。

Excellent. Thank you very much. Congratulations, guys.

出色的。非常感謝。恭喜各位！

Thank you. This concludes the question and answer session. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

謝謝。問答環節到此結束。感謝您參加今天的會議。節目到此結束。您現在可以斷開連線了。